"As a [fuel] distribution company, we have the duty of looking into that. Of course, we'll do that. For future decisions, we have to look at everything," Grisolia told analysts in a conference call to discuss BR Distribuidora's first quarter results.

Petrobras said last month that it plans to offload eight refineries in Brazil as part of an asset sales program to reduce debt. The refineries can process around 1.1m barrels of oil per day.

Petrobras also said it could sell shares in BR Distribuidora under the same program. The company now owns 71.3% of the fuel distribution business. The remaining shares trade on the B3 stock market in São Paulo.

BR Distribuidora's share prices rose 1.14% to BRL23.90 ($6.08) after the company posted a 93% jump to BRL477m in net income in the first quarter this year. The company also recorded an 8.7% increase in EBITDA year-on-year to BRL841m.